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Welcome to the Wells Fargo Student Loan Class Action Website

On this site, you will find information about a class action lawsuit against Wells Fargo Bank, N.A. in the United States District Court for the Northern District of California. The plaintiff and proposed class are represented by two firms: Sprenger + Lang, PLLC and Goldstein, Demchak, Baller, Borgen & Dardarian.

In this lawsuit, called Cheslow v. Wells Fargo Bank, N.A., the plaintiff alleges that the defendant improperly capitalizes interest on student loans made under several federal student loan programs. When interest is capitalized, it becomes equivalent to principal. Interest is then charged on the capitalized interest, which has the effect of increasing the total amount that a borrower must pay on a loan. The plaintiff alleges that Wells Fargo improperly capitalizes interest: (a) during repayment periods, (b) during deferment or forbearance periods, (c) on federally subsidized loans during in-school, grace and other deferment periods, and (d) without giving adequate notice.

Ms. Cheslow claims that these practices violate the terms of the contracts that she and other student loan borrowers have with Wells Fargo and violate various provisions of California law. She seeks to represent a class of borrowers throughout the United States who have been subjected to Wells Fargo's improper capitalization practices, and to obtain damages and an order from the court prohibiting Wells Fargo from continuing to engage in those practices. Click here to see the complaint.

If you believe you may be a member of the proposed class and you would like to speak with the lawyers about your experience with the defendants, click here.